A discount department chain could close a number stores in Devon in a bid to rescue the business.

Tofs The Original Factory Shop which has nine stores in Devon is set to close a number of their 220 stores and negotiate cheaper rents as part of a turnaround plan to rescue the business.

According to The Sunday Telegraph, the discount retailer – popularly known as Tofs – would also receive a £10 million cash injection from its private equity owner Duke Street Capital as part of the plan.

The bargain retailer sells a whole range of products including beauty, menswear, electrical items, womenswear, kids and toys, travel and leisure and food and drink.

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It also recently announced two major senior hires, with Steve Cooke appointed chief financial officer and Carl Allen appointed chief operating officer.

Tofs’ turnaround plan comes amid dark times for UK retail, with Mothercare, Poundworld, and House of Fraser all mulling CVAs, while Carpetright and New Look are pushing ahead with large-scale store closures.